| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 53rd | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 309 W Buffalo St, Ithaca, NY, 14850, US |
| Region / Metro | Ithaca |
| Year of Construction | 1975 |
| Units | 38 |
| Transaction Date | 2010-04-14 |
| Transaction Price | $218,500 |
| Buyer | SHUMAN DAVID M |
| Seller | VANHOUTEN AMANDA K |
309 W Buffalo St Ithaca Multifamily Investment
Downtown Ithaca shows durable renter demand and everyday convenience, according to WDSuite’s CRE market data, supporting consistent leasing fundamentals for well-located assets. The property’s central location favors retention while allowing disciplined rent management through cycles.
The neighborhood ranks competitive among 38 Ithaca metro neighborhoods and carries an A+ rating, with everyday amenities concentrated at a level that is top decile nationally for groceries, restaurants, childcare, and cafes. This walkable access profile reduces car dependence and generally supports leasing velocity for smaller units and student- or workforce-oriented product.
Renter-occupied housing is prevalent, with a renter concentration that sits in the top tier nationally, indicating a deep tenant base for multifamily operators. Neighborhood occupancy trends are mid-range compared with national patterns, suggesting typical turnover and an operating focus on marketing cadence and renewals rather than outsized vacancy risk.
Within a 3-mile radius, WDSuite data shows recent population growth alongside a larger increase in households and a projected rise in both through 2028. The shift toward smaller household sizes indicates demand skewing to apartments and studios, expanding the renter pool and supporting occupancy stability for well-maintained assets.
Home values in the area sit in the middle of the national distribution, while the value-to-income profile is elevated, reinforcing reliance on rental housing versus ownership. At the same time, rent-to-income ratios point to some affordability pressure, which argues for thoughtful lease management and amenity improvements that support retention rather than aggressive near-term pricing.
The average neighborhood building vintage trends older than this asset. With a 1975 construction year, the property is newer than much of the surrounding stock, helping competitive positioning against pre-war buildings, while still leaving room for targeted modernization of systems and finishes to drive value-add returns.
Comparable safety metrics for this neighborhood are not available in the current WDSuite release. Investors typically benchmark conditions using city and county trend reports and on-the-ground observations, focusing on multi-year directionality rather than single-year snapshots.
As with any urban location, underwriting should account for standard security measures and resident experience practices. Reviewing local incident trends and property-level measures can help align operating plans with tenant expectations.
Regional employers within commuting range contribute to a diversified employment base that supports renter demand and renewal stability for some resident cohorts, including professionals and advanced manufacturing staff.
- Corning — materials & advanced manufacturing (35.0 miles) — HQ
309 W Buffalo St offers a downtown Ithaca location with top-tier amenity access and a renter-heavy housing mix, supporting year-round demand for apartments. Based on CRE market data from WDSuite, neighborhood occupancy patterns are consistent with national mid-range levels, while renter concentration is among the strongest nationally—favorable for maintaining a broad tenant pipeline. The 1975 vintage is newer than much of the surrounding stock, positioning the asset competitively versus older buildings and creating identifiable value-add pathways through modernization.
Demographic trends within a 3-mile radius indicate population growth and a faster increase in households, with smaller projected household sizes—signals that typically expand the renter pool and support steady absorption. Balanced against this, rent-to-income levels suggest affordability pressure in parts of the tenant base, making disciplined renewals, service quality, and targeted upgrades central to retention.
- Downtown access, top-tier amenities, and strong renter concentration support leasing stability
- 1975 vintage is newer than area averages, with clear modernization/value-add upside
- 3-mile trends show population and household growth, expanding the tenant base
- Operating focus: manage mid-range occupancy dynamics with proactive renewals and marketing
- Risk: rent-to-income pressure in segments of the renter base requires careful pricing and retention strategy